Fidelity® Variable Insurance Products: Strategic Income Portfolio

Fidelity® Variable Insurance Products: Strategic Income Portfolio

Quarterly Holdings Report for Fidelity® Variable Insurance Products: Strategic Income Portfolio September 30, 2020 VIPSI-QTLY-1120 1.808796.116 Schedule of Investments September 30, 2020 (Unaudited) Showing Percentage of Net Assets Corporate Bonds – 38.5% Principal Value Principal Value Amount(a) Amount(a) Convertible Bonds – 0.1% Media – 4.0% Altice Financing SA 5% 1/15/28 (d) $ 2,250,000 $ 2,185,313 ENERGY – 0.1% Block Communications, Inc. 4.875% 3/1/28 (d) 410,000 418,200 Energy Equipment & Services – 0.1% Cable Onda SA 4.5% 1/30/30 (d) 335,000 349,028 Forum Energy Technologies, Inc. 9% 8/4/25 $ 715,000 $ 445,088 CCO Holdings LLC/CCO Holdings Capital Corp.: Oil, Gas & Consumable Fuels – 0.0% 4.25% 2/1/31 (d) 1,005,000 1,041,081 Mesquite Energy, Inc. 15% 7/31/23 (b) (c) 95,700 95,700 4.5% 8/15/30 (d) 4,690,000 4,924,500 4.75% 3/1/30 (d) 4,810,000 5,092,588 TOTAL ENERGY 540,788 5% 2/1/28 (d) 4,665,000 4,904,081 Nonconvertible Bonds – 38.4% 5.125% 5/1/27 (d) 3,500,000 3,682,770 5.375% 6/1/29 (d) 4,800,000 5,202,000 COMMUNICATION SERVICES – 7.7% 5.5% 5/1/26 (d) 2,450,000 2,554,125 Diversified Telecommunication Services – 2.5% 5.75% 2/15/26 (d) 1,030,000 1,071,200 Axtel S.A.B. de CV 6.375% 11/14/24 (d) 390,000 405,113 5.875% 5/1/27 (d) 855,000 897,665 C&W Senior Financing Designated Activity Co. 6.875% Clear Channel International BV 6.625% 8/1/25 (d) 965,000 986,423 9/15/27 (d) 1,435,000 1,490,606 CSC Holdings LLC: Cablevision Lightpath LLC: 3.375% 2/15/31 (d) 860,000 832,695 3.875% 9/15/27 (d) 325,000 325,000 4.625% 12/1/30 (d) 1,430,000 1,436,764 5.625% 9/15/28 (d) 260,000 264,186 5.375% 2/1/28 (d) 1,190,000 1,256,938 Colombia Telecomunicaciones SA 4.95% 7/17/30 (d) 210,000 217,613 5.5% 5/15/26 (d) 2,555,000 2,657,200 Frontier Communications Corp. 8.5% 4/1/26 (d) 2,195,000 2,214,755 5.75% 1/15/30 (d) 5,510,000 5,855,532 GCI, Inc. 6.875% 4/15/25 560,000 577,304 6.5% 2/1/29 (d) 1,320,000 1,463,550 Liquid Telecommunications Financing PLC 8.5% 7/13/22 (d) 250,000 252,656 7.5% 4/1/28 (d) 725,000 800,929 Qtel International Finance Ltd.: LCPR Senior Secured Financing DAC 6.75% 10/15/27 (d) 605,000 632,225 3.25% 2/21/23 (d) 450,000 470,813 Nexstar Broadcasting, Inc.: 5% 10/19/25 (d) 230,000 268,813 4.75% 11/1/28 (d) 1,325,000 1,351,500 Sable International Finance Ltd. 5.75% 9/7/27 (d) 1,210,000 1,261,885 5.625% 7/15/27 (d) 1,275,000 1,337,411 SFR Group SA: Quebecor Media, Inc. 5.75% 1/15/23 790,000 847,275 5.5% 1/15/28 (d) 1,190,000 1,204,875 Radiate Holdco LLC/Radiate Financial Service Ltd.: 7.375% 5/1/26 (d) 5,100,000 5,344,290 4.5% 9/15/26 (d) 495,000 494,896 8.125% 2/1/27 (d) 370,000 403,300 6.5% 9/15/28 (d) 1,325,000 1,357,810 Sprint Capital Corp.: Sirius XM Radio, Inc.: 6.875% 11/15/28 8,522,000 10,612,745 5% 8/1/27 (d) 735,000 767,759 8.75% 3/15/32 3,506,000 5,132,118 5.375% 7/15/26 (d) 620,000 645,234 Telecom Argentina SA 8.5% 8/6/25 (d) 140,000 119,350 TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) 2,300,000 1,408,031 Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d) 220,000 229,808 Videotron Ltd. 5.125% 4/15/27 (d) 615,000 646,980 Telefonica del Peru SA 7.375% 4/10/27 (d) PEN 1,630,000 455,294 VTR Finance BV 6.375% 7/15/28 (d) 320,000 337,200 Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) 600,000 630,000 Ziggo Bond Co. BV: U.S. West Communications 7.25% 9/15/25 35,000 40,194 5.125% 2/28/30 (d) 315,000 318,875 Verizon Communications, Inc. 1.85% 5/18/40 EUR 650,000 816,625 6% 1/15/27 (d) 635,000 656,431 Virgin Media Finance PLC 5% 7/15/30 (d) 1,385,000 1,378,075 Ziggo BV: Windstream Escrow LLC 7.75% 8/15/28 (d) 1,915,000 1,881,488 4.875% 1/15/30 (d) 430,000 445,050 Zayo Group Holdings, Inc. 4% 3/1/27 (d) 900,000 885,803 5.5% 1/15/27 (d) 1,142,000 1,196,245 36,882,709 60,055,504 Entertainment – 0.5% Wireless Telecommunication Services – 0.7% Allen Media LLC 10.5% 2/15/28 (d) 595,000 574,175 America Movil S.A.B. de CV 6.45% 12/5/22 MXN 18,930,000 866,014 Lions Gate Entertainment Corp. 5.875% 11/1/24 (d) 215,000 211,238 Comcel Trust 6.875% 2/6/24 (d) 900,000 910,143 Netflix, Inc.: Digicel Group Ltd. 6.75% 3/1/23 (d) 270,000 168,750 4.375% 11/15/26 320,000 348,400 Intelsat Jackson Holdings SA: 4.875% 4/15/28 1,465,000 1,637,138 5.5% 8/1/23 (e) 2,395,000 1,502,863 5.375% 11/15/29 (d) 590,000 695,404 8% 2/15/24 (d) 1,285,000 1,304,275 5.875% 11/15/28 3,265,000 3,895,814 8.5% 10/15/24 (d) (e) 1,150,000 741,750 7,362,169 9.75% 7/15/25 (d) (e) 1,950,000 1,277,250 Interactive Media & Services – 0.0% Millicom International Cellular SA 6% 3/15/25 (d) 360,000 369,563 ANGI Homeservices, Inc. 3.875% 8/15/28 (d) 335,000 331,650 MTN (Mauritius) Investments Ltd.: 5.373% 2/13/22 (d) 100,000 101,938 Quarterly Report 2 Corporate Bonds – continued Principal Value Principal Value Amount(a) Amount(a) Nonconvertible Bonds – continued 4.875% 4/1/27 $ 435,000 $ 441,927 MCE Finance Ltd.: COMMUNICATION SERVICES – continued 4.875% 6/6/25 (d) 1,502,000 1,534,159 Wireless Telecommunication Services – continued 5.25% 4/26/26 (d) 640,000 648,000 MTN (Mauritius) Investments Ltd.: – continued 5.375% 12/4/29 (d) 435,000 432,383 6.5% 10/13/26 (d) $ 230,000 $ 254,869 5.75% 7/21/28 (d) 335,000 341,328 Silknet JSC 11% 4/2/24 (Reg. S) 200,000 210,000 Merlin Entertainments PLC 5.75% 6/15/26 (d) 395,000 376,238 Sprint Corp. 7.625% 3/1/26 540,000 652,528 MGM Mirage, Inc. 6.75% 5/1/25 1,485,000 1,556,325 TBG Global Pte. Ltd. 5.25% 2/10/22 (Reg. S) 400,000 401,180 NagaCorp Ltd.: VFU Funding PLC (VF Ukraine) 6.2% 2/11/25 (d) 200,000 198,563 7.95% 7/6/24 (Reg. S) 400,000 401,750 VimpelCom Holdings BV 7.25% 4/26/23 (d) 605,000 667,497 9.375% 5/21/21 (d) 535,000 543,359 VTR Comunicaciones SpA 5.125% 1/15/28 (d) 160,000 164,895 NCL Corp. Ltd. 12.25% 5/15/24 (d) 905,000 1,013,600 9,792,078 Royal Caribbean Cruises Ltd.: 10.875% 6/1/23 (d) 845,000 945,330 TOTAL COMMUNICATION SERVICES 114,424,110 11.5% 6/1/25 (d) 1,230,000 1,425,263 Scientific Games Corp.: CONSUMER DISCRETIONARY – 3.2% 7% 5/15/28 (d) 445,000 446,089 Auto Components – 0.2% 7.25% 11/15/29 (d) 445,000 451,675 Allison Transmission, Inc.: SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) 545,000 562,702 5% 10/1/24 (d) 635,000 641,388 Vail Resorts, Inc. 6.25% 5/15/25 (d) 380,000 403,275 5.875% 6/1/29 (d) 420,000 454,230 Viking Cruises Ltd.: Exide International Holdings LP 10.75% 10/31/21 5.875% 9/15/27 (d) 595,000 462,613 pay‑in‑kind (c) (d) (f) 187,132 174,033 13% 5/15/25 (d) 570,000 659,775 Exide Technologies: Voc Escrow Ltd. 5% 2/15/28 (d) 545,000 482,527 11% 10/31/24 pay‑in‑kind (c) (d) (e) (f) 468,000 304,200 Wynn Macau Ltd. 5.125% 12/15/29 (d) 890,000 853,933 11% 10/31/24 pay‑in‑kind (c) (d) (e) (f) 185,848 83,632 33,246,904 Metalsa SA de CV 4.9% 4/24/23 (d) 945,000 945,886 Household Durables – 0.2% 2,603,369 Brookfield Residential Properties, Inc./Brookfield Residential Automobiles – 0.2% U.S.

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